The invention belongs to the technical field of polymer foam materials, and particularly relates to a flame-retardant polyurethane foam preparation method, which comprises: 1, adding polylol into a reaction kettle, adjusting the pH value to 7-13, and heating to achieve a temperature of 50-90 DEG C; 2, adding paraformaldehyde, maintaining the constant temperature for 10-40 min, and carrying out depolymerization and dissolving on paraformaldehyde under an alkaline condition; 3, adding an amino-based substance, controlling the reaction temperature at 50-100 DEG C, and carrying out a reaction for60-180 min; 4, adjusting the pH value to 2-7, and carrying out a condensation and etherification reaction for 20-50 min; and 5, adjusting the pH value to 7-13, adding a modifier, controlling the reaction temperature at 60-100 DEG C, and carrying out a reaction for 90-200 min to obtain the flame-retardant polyol. According to the present invention, the flame-retardant polyurethane foam material prepared through the preparation method has advantages of high compressive strength, good flame retardant effect and the like, and has good application prospects in industry, daily life, architecture andother external wall thermal insulation material markets.